New Delhi, Visa service provider BLS International Services on Tuesday announced the completion of the acquisition of 100 percent stake in iData Danışmanlık Ve Hizmet Dış Ticaret Anonim Şirketi and its wholly owned subsidiaries (iDATA) for approximately Rs 720 million .
The acquisition was made through BLS International FZE and BLS International Holding Anonim Şirketi. BLS International FZE is a wholly owned subsidiary of BLS, while BLS International Holding Anonim Şirketi is a wholly owned subsidiary of BLS International FZE.
BLS has completed the acquisition of 100 per cent stake in iDATA for an overall consideration of approximately Rs 720 crore, funded through internal accruals and debt, a statement said.
iDATA achieved revenue of approximately Rs 246 crore and EBITDA of Rs 144 crore in fiscal 2023, according to its audited consolidated financial statements.
iDATA is a Turkey-based player that provides visa processing and consular services to various governments, through its more than 37 visa application centers (VACs) in more than 15 countries, and serves diplomatic missions in Germany, Italy and the Czech Republic.
"iDATA is a specialized and niche player operating in certain geographies for the last 15 years and has built meaningful and deep-rooted relationships with client governments," said BLS International Services Joint CEO Shikhar Aggarwal.
This acquisition will further strengthen BLS' overall position as one of the leading international players in visa and consular services, the New Delhi-based company said in a statement.
iDATA's existing agreements and offices will align with the BLS network in 66 countries around the world, allowing BLS to serve more client governments in Europe, where iDATA is a dominant player.
The transaction will be accretive EPS (earnings per share) for BLS immediately beginning July 9, 2024.
"The acquisition will allow BLS to establish relationships with new government clients in Europe, improve our visibility and consolidate market share. We anticipate that this strategic move will positively contribute to our financial performance and improve our margins significantly, thanks to the combined synergies of both companies," BLS said.
Founded in 2005, BLS International Services is the second largest international provider of consular visa services, working with more than 46 client governments. BLS has processed more than 360 million applications to date worldwide.
BLS shares closed at Rs 377.35 apiece on the BSE, up 1.77 per cent from Monday.
The acquisition was made through BLS International FZE and BLS International Holding Anonim Şirketi. BLS International FZE is a wholly owned subsidiary of BLS, while BLS International Holding Anonim Şirketi is a wholly owned subsidiary of BLS International FZE.
BLS has completed the acquisition of 100 per cent stake in iDATA for an overall consideration of approximately Rs 720 crore, funded through internal accruals and debt, a statement said.
iDATA achieved revenue of approximately Rs 246 crore and EBITDA of Rs 144 crore in fiscal 2023, according to its audited consolidated financial statements.
iDATA is a Turkey-based player that provides visa processing and consular services to various governments, through its more than 37 visa application centers (VACs) in more than 15 countries, and serves diplomatic missions in Germany, Italy and the Czech Republic.
"iDATA is a specialized and niche player operating in certain geographies for the last 15 years and has built meaningful and deep-rooted relationships with client governments," said BLS International Services Joint CEO Shikhar Aggarwal.
This acquisition will further strengthen BLS' overall position as one of the leading international players in visa and consular services, the New Delhi-based company said in a statement.
iDATA's existing agreements and offices will align with the BLS network in 66 countries around the world, allowing BLS to serve more client governments in Europe, where iDATA is a dominant player.
The transaction will be accretive EPS (earnings per share) for BLS immediately beginning July 9, 2024.
"The acquisition will allow BLS to establish relationships with new government clients in Europe, improve our visibility and consolidate market share. We anticipate that this strategic move will positively contribute to our financial performance and improve our margins significantly, thanks to the combined synergies of both companies," BLS said.
Founded in 2005, BLS International Services is the second largest international provider of consular visa services, working with more than 46 client governments. BLS has processed more than 360 million applications to date worldwide.
BLS shares closed at Rs 377.35 apiece on the BSE, up 1.77 per cent from Monday.
